Re: It Always Bothers Me When Everyone Knows Something
"The standard of living in the US, for an increasing segment of the population, is being forced downward, regardless of the fact that the standard of living in the ROW is increasing.
The tech assualt by AI will be deflationary in and of itself. The pressure on wages for many will be downward as some lost wages are irreplaceable....
If were all "going to be treated the same"....then we're all going to have to be poor. - poverty is the equalizer, not wealth."
Boy, that was depressing. And perhaps as a generalization it holds water for the non-manufacturing, non-construction, non-high tech, non-medical, non...etc. portion of the US economy but as a direct participant in the chemicals and plastics part of the US manufacturing sector, I can tell you no one is being left behind from the CEO down to the guy who turns the valves in our numerous primary plastics plants and literally dozens of converting facilities in the US and Canada.
Wages have been rising inexorably and consistently well above inflation (2.5-3.0%) each and every year, including last year, the worst since the Depression.
I can tell you that Jack Lunchbox and Joe Six pack are doing just fine at my 12,000 employee company and we aren't raising wages just because we're swell fellows and gals. We're doing it so the guys next door, who are just as keen to find more qualified people don't pick off anyone from our team. There's a boom going on in US manufacturing (and other sectors)...and it isn't a new phenomenon.
Just another data driven point of view from a guy directly involved in recommending and implementing the wage and salary increases I'm referring to who has intimate knowledge of what's happening on the ground in California, Arizona, Texas, Louisiana, British Columbia, Alberta and Ontario.